FOOTBALL STADIUMS

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New York Sports
and Convention Center


King Dome


Georgia Dome and World Congress Center


Edward Jones Dome & America Center

Location:

West Side, Manhattan

Seattle, Washington Atlanta, Georgia St. Louis, Missouri
Opening Date:
Fall 2009 (projected)
1976  1992  1995
Uses:
New York Jets football games, 2012 Olympic Games, large convention gatherings, 2010 Super Bowl, concerts, and other events. Professional baseball and football, All-Star Baseball Game, concerts, and a Billy Graham crusade.
Atlanta Falcons football games, 1996 Summer Olympics, NCAA Final Four, Super Bowls, concerts, conventions, religious events.  St. Louis Rams football team, conventions, concerts, and monster truck rallies, and the 1999 Mass led by Pope John Paul II.
Size:
Would seat 75,000 people Seats 66,000 people  Seats 71,228 people  Seats 60,600 people
Cost:
$1.7 billion (projected) $67 million  $210 million  $280 million
Public Cost:
$600 million ($300 million each from the city and the state.) State funded more than $40 million of total cost.  The state donated the land. A hotel tax pays the 30 percent of the total cost covered by public funds.  $60 million from city and state, plus $6 million a year in city funds for debt payments.
Private Financing:
$800 million from New York Jets. An additional $1.9 billion is needed to extend the No. 7 train, which developers plan to pay for with tax revenue from neighboring development.
$17 million from private investors. Construction of the Georgia Dome was financed through tax-exempt industrial revenue bonds issued by the Georgia World Congress Center Authority. It was also subsidized by the sale of luxury boxes, which ranged from $20,000 to $120,000. Financed by private investors, including TWA Airlines, which relinquished its role in 2001. Edward Jones, an investment bank, purchased the naming rights in January 2002 for $2.65 million a year.
Voter Referendum?

No

Yes. In 1968, King County voters approved a $40 million bond referendum to build the King Dome.  No  No
At Issue:
The proposed West Side stadium would be the most expensive in the nation and calls for $600 million in public subsidies. The 2012 Olympics is not a guarantee. Some argue that the financing for the stadium circumvents the city’s budget process. Many economists doubt that the convention business will pay off as promised because other costs (like hotel room rates, transportation, etc) make New York less competitive than other locations. Local residents are concerned about traffic, parking, and noise. The MTA is projecting billions of dollars in deficits for years to come and has not made the extension of the No. 7 line a priority. A New York Times editorial stated, "New Yorkers are being pushed into a deal that could, in the end, leave the city with nothing but a football team playing on the river, more traffic congestion and a pile of new debt." The building did not age well. In 1994 a ceiling tile fell on the field. The Mariner's had to play the rest of the season on the road and the dome underwent $70 million in repairs. On March 26, 2000, the Kingdome was imploded. Critics point out that King County still owed debt on the building. The remaining $125 million debt, financed by a 2 percent hotel-motel tax, will not be cleared until 2016. Discussions about a new football stadium began in 1984 when the Atlanta Falcons wanted a new facility that they would not have to share with the Braves baseball team. In 1989, approval came from the state, the Atlanta City Council, and Fulton County Commission to build a dome stadium only if it was connected to the convention center and supported by the hotel tax. The plan gained considerable momentum after Atlanta was awarded the 1996 Olympics. A few years before the stadium was built, St. Louis approved new taxes to pay for a $150 million expansion of the convention center. The stadium was added in 1995.
Benefits Promised:
The New York Sports and Convention Center would serve as the home of the New York Jets football team and the Olympic Stadium if New York wins the 2012 Olympic bid. It would feature a retractable roof and a changeable floor plan so that the stadium can be converted into a large event space for the Jacob Javits Convention Center. The plan would give New York City the fifth largest convention center in the nation. Mayor Michael Bloomberg says the stadium will create 18,000 construction jobs and 6,900 permanent jobs. He promises that the plan to expand the convention center will increase tourism, boost the hotel industry, and provide development for the west side of Manhattan. The King Dome was meant to be a state-of-the-art building, the largest indoor dome in the world.  A main objective was to keep the professional football team in Atlanta. Combined with the World Congress Convention Center, officials promise that the dome would help draw big sporting events and increased convention business.  The city said that adding a stadium to an exisitng convention center would triple convention attendance and increase hotel business.
Benefits Delivered:
 ? The Mariners baseball team and Seahawks football team complained that they lost money while playing in the King Dome and both demanded new stadiums. In 1995, a proposal to increase the sales tax by .01 percent to pay for construction of a new baseball park was narrowly defeated by voters. A month later, the state legislature authorized a funding package to build a new baseball stadium that included a credit against the state sales tax, lottery funds, and food and beverage tax in King County restaurants. A few years later, the city paid $300 million through a lottery and variety of taxes to build a new football stadium. Critics charge that events have not met expectations. Even after expanding convention space by an additional 1.4 million square feet in 2002, convention attendance is now half of what it was in 1995. Atlanta built numerous other sports venues for the Olympics and a new baseball stadium for the Atlanta Braves baseball team. According to a study by the Brookings Institution, convention attendance dropped from 156,000 to 115,300 between 2000 and 2004. Although organizers promised 50 major conventions a year, in 2004, it only had 32. In 1999, after the stadium failed to increase convention center business, officials agreed to build a new 1,000-room hotel next to the center to help generate business. The hotel was subsidized with $98 million in federal funds, $80 million in city aid, and $21 million in state tax credits. The hotel still only operates at 55 percent occupancy.